Volume 3, Number 2 (2016)

O. Trevoho
PhD in Economics, Lecturer,
Lviv Polytechnic National University

EXCHANGE RATE OF UKRAINIAN CURRENCY –
TRENDS AND POTENTIAL CHANGES

Abstract. The article is devoted to topical issues of increasing hryvnia exchange rate potential. There is presented a description of the main factors causing decrease of the exchange rate, namely: the negative balance of payments, galloping inflation, situational decline in demand for Ukrainian exports and large amounts of currency outflow due to shadow economy agents. Ways of reducing the shadow economy in Ukraine are proposed. The results of the proposed measures would reduce the rate of inflation due to increased state budget revenues; reduce the currency outflow from the country due to decreased domestic oligarchs’ demand for luxury goods. Consequently, there will improve the balance of payments, depreciation of hryvnia in its commodity coverage will be minimized, and hryvnia exchange rate will potentially stabilize.
Keywords: exchange rate, hryvnia, balance of payments, trade surplus, inflation, shadow economy.

UDC 339.5:330.23
A. Kisiołek
Wielkopolska Higher School of Social Sciences
and Economics in Środa Wielkopolska (Poland)

THE CONDITION OF THE POLISH RESIDENTIAL
HOUSING MARKET IN 2015–2016

Abstract. The building sector is one of the key sectors of the national economy. The article presents a general condition of the residential building market in Poland. In the course of the discussion it is emphasised that the sector depends on the absorption of the EU funds as well as the direction set out by the concept of sustainable building. Among other things, the article also provides the data regarding the development of residential housing in the specific voivodeships, the number of building permits issued and the (PMR) Construction Climate Index. Finally, the influence of the building sector on the development of the Polish economy is explicitly marked.
Keywords: building market, economic situation of the building sector, construction-assembly production, residential housing, developer market.

THE MACRO-LOGISTICS CONCEPT ON THE NATURAL
GAS MARKET IN UKRAINE: IMPLEMENTATION ATTEMPT

Abstract. The problem of introducing market relations into the natural gas market in Ukraine is modified. Studies of natural gas market of Ukraine as a macro-logistics complex system based on the implementation of the logistics concept are offered. The necessity of optimization of reserving natural gas in underground gas storages (UGS). The directions of modernizing the system of pricing for services on the natural gas market in Ukraine are explained, through the transformation of conditional permanent costs, primarily costs of creation and maintenance of technological gas reserves into variable costs of the gas market subjects.
Keywords: The macro-logistics concept, natural gas market in Ukraine, underground gas storages (UGS), macro-logistics complex system.

Abstract. The article actualizes issues of funding for efficient scientific, research and development, educational activity during the reform period. The focus on integration of science and education, based on the education quality improvement, requires implementation of new models for the scientific and educational process funding. For the purpose of development of such models, we offer to compare foreign experience of leading educational institutions, represented by the Harvard University, and Taras Shevchenko National University of Kyiv. The majority of higher educational establishments in Ukraine are funded from the state budget within the governmental order. The money, provided to the educational institutions for the state-funded places, essentially form the universities profit. At the same time, the comparative analysis of the budgets of the leading world’s university and a national institution of higher education with the privileged funding shows incomparable allocation of funds. The difference in the practice of planning, accounting, control and analysis of financial, informational and material flows generates principal distinctions in the obtained results. The problems of higher educational institutions’ economy and management are directly related to financial assurance of the educational process. The models and approaches to funding higher educational establishments in the mode and forms they function now require reforming. It is suggested to apply financial levers due to their interconnection with the factors of efficiency, taken as a basis during the educational establishment’s activity assessment. In terms of scope, there emerges a necessity for elaboration of higher educational institutions development strategy, focused on the needs of society and economy.
Keywords: scientific research funding, sources of funding, university, budgeting, endowment, funding model, higher educational establishment.

Abstract. In this paper, authors analyze existing approaches to assessment of company’s liquidity and solvency, and identify inconsistencies and inaccuracies of these approaches, particularly in relation to the organization of assessment. They suggest an improved method for calculation of indices that form the basis of liquidity assessment.
Keywords: assets, balance sheet liquidity, assessment, liabilities, liquidity indices

MODERN DEVELOPMENT OF THE SECTOR OF RECREATIONAL SERVICES IN TERMS OF EUROPEAN INTEGRATION OF UKRAINE

Abstract. The term “recreation” is specified, given the different concepts and theories, and its economic nature is identified. The basic economic parameters and functions of recreational services are highlighted. The relationship of recreation with material production and industrial infrastructure is substantiated. Structural elements of the recreation system functioning are formed, their main tasks in the modern period of state development are identified.
Keywords: recreation; recreation theory concept; recreation system; concept of human potential development; tourism; service sector; green tourism.

ACCOUNTING FOR AN INTANGIBLE COMPONENT
OF A TRADING COMPANY’S EQUITY CAPITAL

Abstract. The economic nature of intangible assets as components of trading company’s equity capital is disclosed. Theoretical and methodological provisions of intangible assets accounting are analyzed and the existing problematic aspects of reflecting these objects in the accounting system and financial reporting are presented. There are proposed some aspects of improving methodology of accounting intangible assets in their interrelation with the value of the trading company’s capital.
Keywords: accounting, intangible assets, capital components, internally generated intangible objects, intellectual capital, methodology.

Abstract. In the article, the authors investigate the history of economic analysis and the interpretations of economic analysis; define its subject and object, and other major components. The major tasks and directions of economic analysis are described. The classification of factors in the economic analysis and the reserves for increasing production efficiency is done. The major principles of economic analysis are generalized. The place of economic analysis in the system of sciences is identified.
Keywords: economic analysis, factors in economic analysis, reserves for increase in production efficiency, tasks of economic analysis, principles of economic analysis.

FORMATION OF MECHANISM OF INDUSTRIAL POTENTIAL DEVELOPMENT STATE ADMINISTRATION

Аbstract. The article reveals the substance of the category of “mechanism” and analyzes approaches to its formation as an element of the management system. Conceptual principles of management mechanism of industrial potential development using subject-object approach are defined. There are identified the elements of the state administration mechanism based on micro- and macroeconomic “resource – result” models and on the receipt of the best possible result with the optimal combination of different functional blocks. Stage-by-stage methodology of its formation based on program-purpose approach is offered.
Keywords: mechanism, intra-business management, state administration, industrial potential, development.

Abstract. The article explores the dynamics of the proportion of adult population among the Internet users and the use of information and communication technologies by enterprises in Ukraine. The different impact of digital technologies on economic development of a number of countries is considered. The dynamics of the number of scientific as well as scientific and technical studies in the structure of GDP of Ukraine is analysed. The change of the quantity of industrial enterprises that carry on innovative activity is considered. Peculiarities of the change in volumes of realized innovative products of the Ukrainian enterprises during the period of 2005-2015 are identified. Key risks and reserves of strengthening the intellectualization processes of the enterprise management systems are determined. There are formed priority tasks for management systems of enterprises in conditions of dynamic development of information and communication technologies as well as processes of intellectualization.
Keywords: intellectualization, management system, model of management, knowledge, integration, efficiency, innovation.

Abstract. Transformations taking place nowadays in the global economy require new approaches to scientific research related to providing the users with the information on activities of economic entities. Traditional approaches to presenting information, which are regulated by legislation, do not satisfy the users any more. In modern dynamically changing business environment, both the enterprise management and external users want to possess not only the actual (static) information about the activities of the enterprise but also the indicators that reveal the enterprise potential in the medium and long terms. For modern practices, there are also necessary indexes and indicators characterizing the enterprise activities in the areas that are not directly related to its business activities and achievement of profitability, they being activities in the area of environmental protection, social sphere and infrastructure sector.
Ukraine has already created preconditions for implementing the integrated reporting as a tool for socially responsible business that provides information about the impact of the company’s activities on the development of society, economy and environment. The analysis of the differences between the existing and integrated reporting systems shows the role of the integrated reporting, which provides stakeholders (companies, contractors, and society) with essential information on the organization’s strategy, management and solution of commercial, environmental and social issues. The integrated reporting has a certain range of users, specific components and sources of information necessary for its preparation and is closely linked with the existing financial and statistical reporting.
Keywords: enterprise, public information, integrated reporting, financial statements, report on progress, sustainable development, social responsibility.

Abstract Financial reporting is one of the main tools for providing information to market agents about business performance and financial position of corporations. The current format of financial reporting envisaged by the international and national standardization systems and other mandatory documents limits the possibility of complete and objective representation of corporations’ economic potential. The major deficiencies of the current format of financial reporting include the inability of faithful representation of intangible factors of corporations’ economic potential, as well as ignoring capital obsolescence due to the high level of dynamism of economic development.
The article presents the conceptual and methodological approaches to address the above problems. The application of intellectual capital maintenance concept in financial reporting framework permits to formulate methodological guidelines for adequate representation of intangible component of corporation economic potential on the balance sheet. The methodological approaches to moral depreciation of fixed capital disclosure in financial reporting, based on the provisions of organic balance sheet theory, are substantiated.
Keywords: financial reporting, format of financial reporting, concepts of capital maintenance, economic potential of corporations, moral depreciation.

Abstract. The paper outlines the methods of transfer price formation and their law and statutory regulation in Ukraine, considers peculiarities of methods and lists main advantages and disadvantages of practical application of transfer price formation methods in Ukraine on the basis of the amendments introduced into the legislation.
Key words: transfer price formation, estimation methods, controlled transactions, related persons.